Are you mining KOIN? (UPDATED - WARNING!)
UPDATE: The Koin team believes GPU miners are being used and causing a massive imbalance. They are currently working on releasing their own GPU miner to try to even the playing field. I would not recommend CPU mining at this point as you won't get much of anything and likely pay more in fees.
KOIN announced CPU mining on October 13th and a lot of Hive users seem to be jumping on board. I had no plans on doing it myself but it is so easy I threw it on my NAS and was getting pretty good performance (20MH/s) so I started to scale up.
There have been a lot of discussions going on in their discord with people saying it is very approachable because of CPU and others saying it's being dominated by large miners.
An unofficial KOIN/ETH pairing showed up on UNISwap and is being used as the basis for the token price (currently around $0.03).
Right now there isn't a product, there isn't even a blockchain, there is only mining that is implemented on Ethereum. If you got in on day one, you probably did really well but now it is becoming harder for commodity hardware to be efficient enough to actual make a profit (based on the UNISwap price). No one knows where the price will go, especially now when there really isn't even a project, just a promise.
So, are you mining KOIN?
Doing well?
Do you think the project will go somewhere? The KOIN team is made up largely of ex-Steemit Inc developers and employees. So many of you already know who they are for better or worse.
I'm really not sure how I feel about it, I'm pretty skeptical right now but I will mine coins while it makes sense to do so. I might sell some to pay for expenses and keep the rest, or just wait it out and see how it goes.
I missed the mining phase of Steem, I got here just after hard fork 19 and feel like I missed a big opportunity to be involved in the early days.
I am interested in KOIN purely from a financial perspective, but I am also curious how the project goes. Can the Steemit Inc team do better without Ned Scott involved?
It is very difficult to get users to a crypto project outside of just making a quick buck. Doesn't matter how good your ideas are, there is no guarantee anyone is going to do anything but try to make a quick buck off it.
I'm ramping up my investment in hardware to mine KOIN as long as it is profitable to do so. I'm already in for quite a bit, but debating if I want to put more in or just see how what I have so far does. I do know every second you wait the worse it gets and I don't think a lot of people really factored this into their calculations.
If you mined on day one, you could easily make 5-10x more than if you mine now.
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https://twitter.com/itsjustmarky/status/1318292362926448641
That's rhetorical, right? 😊
No actually, while I do believe Ned was the source of most problems, it remains to be seen how well the Steemit Team can do. They weren't exactly moving very fast when it came to Steem development.
as someone who knows nothing about mining, this was the big thing that i missed.
It happens, even when you know about it. People quickly do the math based on current conditions ignoring the inevitable.
I am in, because of the team involved. They could have chosen to do anything else, but they chose to build something they believe will fix current flaws of other chains.
It’s a gamble just like with any other crypto project. I like how initial mining supply is capped at 100 mil. It seems to me a small risk/investment for potentially bigger reward in the future.
Funny, that's the reason I didn't want to get involved.
how mint , what is process ?
yep mining at around 11 MH/s. mainly at night only as don't like the noise :)
I started mining shortly after it launched with roughly 20 - 30 MH/s. I've stopped now though because the rewards dropped ~10x to the point where it's not really worth it.
I have, however, been buying up KOIN on Uniswap and adding liquidity to the pool. From a risk/reward standpoint I think it's definitely worth some investment. At the current $0.03 price, once the mining period is done it will put the market cap at around $3M, which is tiny.
This is a strong team and what they're building is unique and potentially very powerful and I'm confident they will launch a solid product. If they manage to get any sort of attention / usage I think it could easily go to a $30M market cap which is still tiny for the crypto space.
That's the kind of bet I like to take.
뒈져~!
Nope. Moment people told me they have to pay ETH gas fees to mine I was like HELL NO.
It is a big problem with their setup, ETH is a great project killer.
Yeah, even projects that are closer to the Ethereum community are now launching on the xDAI sidechain, like Circles the UBI coin, or on a testnet like Reddit tokens.
I'm skeptical for the same reasons as you, plus this, plus their trust in token vote governance, plus the fact that they started by bullshitting about 'mining' which isn't mining as we know it but only a distribution mechanism.
agreed
Mined few days and I have stopped now. Doesn't make sense with 4MH/s on a regular home computer.
It doesn’t really, not with current difficulty and eth fees
First time actually heard about it. I tend to go about not more than 15% of my money in alts, so for me to get it would make me less of a profit, only if I would take bigger risk, which is too risky in these crazy covid times... But sure looks interesting
I was interested, but do not hold any ETH so gas fees made it a no go.
https://twitter.com/Bhattg18/status/1318393290526396417
I read somewhere that someone got a GPU version of the miner.
Yup, and it is dominating the pool.
Giving it a shot. Hopefully it won't be a flop like coinhive and JSE.
Don't now, they just found a GPU miner in the wild and it destroyed the chance of anyone with a CPU to mine.
I am a bit bummed that I wasn't able to get in right away. I didn't even find out about it until about a week or so ago. I haven't been doing that great. I am probably going to shut my stuff down soon. I wonder why they think people are using GPU's and I wonder how that would even be possible.
One can only hope that he wasn't contagious, but talking about a "restart" because of this doesn't sound good imo.
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That is what triggered me to sell
Nope. And i will not do :-) Becouse...ETH.... Nope :-)